August 12, 2014

Reuters

HAVANA (Reuters) - Cuba has shifted its focus away from offshore oil, concentrating on renewable energy and improving output from onshore wells due to a lack of interest by foreign companies for further deepwater exploration, sources close to the industry say.

With so much oil readily available around the world, oil companies including those from allies China and Russia see little incentive in drilling off the Caribbean island, delaying the Cuban dream of oil wealth that could inject vigor into its socialist revolution.

With the U.S. trade embargo of Cuba further complicating drilling plans, the country is seeking investors in renewable energy such as biomass and wind while attempting to increase output from existing onshore and shallow water wells...